The revenue from the global automobile gear business is predicted to increase from $4.88 billion in 2024 to $8.5 billion by the end of 2034. Between 2024 and 2034, sales of car gear systems are predicted to expand at a 5.7% CAGR.
Vehicle sales have a direct impact on the growth of this industry. Another factor fuelling the expansion of the vehicle industry is the switch to more expensive and energy-efficient components, such as seven-speed and eight-speed automatic transmissions.
Long-term, car production in developed and emerging markets has risen year after year. Over the next few years, the vehicle equipment market will expand even faster.
Gears serve a critical part in vehicle systems. Vehicle sales have a direct impact on the growth of the gear market. Switching to more expensive and energy-efficient technology, such as seven-speed and eight-speed automatic transmissions, is another driver of market growth in the automobile sector.
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Electric vehicles make less use of gears. The overall number of gears is greatly reduced due to fewer gearbox systems, differentials, and almost no gearboxes. Furthermore, increased demand for fuel-efficient vehicles and portable auto parts will drive future growth in the coming decade. Currently, electric car penetration is modest, accounting for only a small portion of total vehicle sales. However, as governments throughout the world promote zero-emission vehicles through economic incentives and supportive policies, market growth is expected to slow.
Market Competition:
Key players in the automotive gear market are Eaton Corporation, Bharat Gears Limited, GKN Plc., Inc., Altra Industrial Motion Corporation, Showa Corporation, American Axle and Manufacturing, Inc., Linamar Corporation, NSK Limited, Univance Corporation, etc.
• ZF announced integration of MICO brand and new products at MINExpo 2021 in September 2021. The company has also developed various new products, including the Redulus4F Industrial Gearbox Series and Advanced Serviceability Solutions.
· In May 2021, American Axle & Manufacturing Inc and REE Automotive ("REE") announced a collaboration to develop an electric propulsion device for e-Mobility.
· •Dana Incorporated announced in March 2019 that it has finalised the acquisition of Oerlikon Group's Drive Systems unit.
· •In June 2021, JATCO introduced a new continuously variable gearbox called "CVT-X" for medium and large FWD vehicles, which improves environmental economy and driving performance. It is reported to have achieved a gearbox efficiency of more than 90%, which was previously considered unachievable for a CVT.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Automotive Gear Market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of Automotive Gear Market by Product Type (worm gears, bevel gears, spur gears, helical gears, rack and pinion gears, planetary gears, hypoid gears, and others), by Vehicle Type (passenger cars, LCV, trucks, buses, off-road vehicles, and two-wheelers), by Material ( metallic and non-metallic), by Application (engine, drive shaft, transmission, differential, steering system, and others), by Sales Channel (OEM and aftermarket) and regions.
Old Source: https://www.globenewswire.com/news-release/2023/01/04/2582726/0/en/automotive-gear-market-to-reach-us-8-18-billion-by-2032-expanding-at-a-5-7-cagr-fact-mr-report.html
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